'Govt focusing on transforming conventional economy to knowledge based economy'

ISLAMABAD: Minister for Planning and Development Khusro Bakhtyar on Thursday said that the government was focusing on transforming conventional economy to knowledge based economy to ensure sustainable development in the country.

He was addressing the closing ceremony of 2nd International Conference on Communication, Computing and Digital Systems at Bahria University in Islamabad.

The planning and development minister said that the prime minister had also constituted task forces on IT and knowledge economy in this regard.

He said an amount of 117 billion rupees was being earmarked broadly in areas of smart governance, incentives for industry for enhancing IT exports, citizen services, freelancing and telecommunication in the next 5 year plan.

Khusro Bakhtyar emphasised the need to enhance tax-to-GDP ratio to have more fiscal space for socio-economic development.

Read More: Taking steps to provide business friendly environment in country: Khusro Bakhtyar

He said ease of doing business was another priority area which would unlock economic potential in the country.

In December last year, Bakhtyar had said the government was taking various steps to provide business friendly environment to local industries to boost national economy.

“Putting the country’s economy back on the track is top priority of the incumbent government,” the minister had said.

Bakkhtyar had said the construction industry could play an important role in implementing the government’s vision to construct five million houses for low income groups.

He had said five million housing project, besides addressing housing issues, will also generate economic activities through creation of jobs as well as provide boost to allied sectors including construction.